Summary of Key Points from the Conference Call Industry Overview - The report focuses on the equity fund flows in the financial markets, particularly in the context of the week ending September 24, 2025, highlighting trends in both developed and emerging markets. Core Insights 1. **Equity Fund Inflows**: - There was a total inflow of **US$19.6 billion** into equity funds during the week, indicating a positive trend in equity investments [1] - Inflows into bond funds were higher at **US$24.7 billion**, suggesting a continued preference for fixed income securities alongside equities [1] 2. **Regional Fund Flows**: - **US Funds**: Experienced an inflow of **US$6.6 billion** [1] - **Global Funds**: Saw an inflow of **US$2.9 billion** [1] - **European Funds**: Resumed inflows with **US$2.1 billion** [1] - **Gold Funds**: Continued to attract significant investment with inflows of **US$5.0 billion** [1] 3. **Emerging Market (EM) Funds**: - EM funds recorded an inflow of **US$6.7 billion**, with **China ETFs** leading the way at **US$4.9 billion** [2] - **GEM Funds** also saw inflows of **US$2.3 billion** [2] - **Taiwan ETFs** faced redemptions amounting to **US$1.0 billion** for the second consecutive week [2] 4. **Local Market Dynamics**: - Taiwan and India experienced net foreign outflows of approximately **US$0.4 billion** each, while Korea saw an inflow of **US$0.3 billion** [3] - Hong Kong attracted **US$5.0 billion** from Southbound investors, indicating strong interest in the region [3] Additional Insights - The breadth of equity inflows is improving, suggesting a potential recovery in investor sentiment towards equities [1] - The report highlights the importance of monitoring fund flows as a key indicator of market trends and investor behavior [6] - The data indicates a shift in investment strategies, with a notable interest in ESG (Environmental, Social, and Governance) funds, although specific figures were not detailed in the provided content [123] Conclusion - The overall trend in equity fund flows suggests a cautious optimism in the market, with significant inflows into both equity and bond funds, particularly in the US and emerging markets. The dynamics in local markets, especially in Asia, reflect varied investor sentiment, with some regions experiencing outflows while others see substantial inflows.

这类投资者通常将低风险放在首位,无法承受大幅 度的亏损,又希望获得比银行存款更高的收益。 波动率低：债基的净值波动远小于股票型基金，投 资体验更好。 追求稳健： 债基有稳定的利息收入，能满足他们对 稳定收益的追求。 2、有资产配置、分散风险需求的投资者 这类投资者深谙"不把鸡蛋放在同一个篮子里"的道 理。通过股债资产配置构建一个平衡的投资组合来平 滑整体波动,降低风险。 "减震器"： 债市与股市很多时候呈现出跷跷板效 应，投资组合中加入债基，能有效对冲股票资产的 风险，减少整体波动。 3、有理财规划、追求确定性的投资者 这类投资者有明确的资金用途计划(1-3年),例如 为购房准备首付、为子女筹备教育金等。这笔钱既不 能承受太大风险,又不能只满足于活期存款的利息。 流动性适中:相比银行定期存款,债基（尤其是短 债基）的流动性更好，赎回更方便，能满足中期理 财的需求。 风险提示:本资料仅作为投资者教育用途,在任何情况下,本资料中的信息或表述的意见均不构 对任何人的投资建议或推荐。基金有风险,投资需谨慎。基金管理人承诺以诚实信用、勤勉尽职 专题：2025金融教育宣传周：保障金融权益 助力美好生活 基金行业在行动 M ...

Group 1 - The total scale of public funds in China has exceeded 35 trillion yuan, showing a growth of over 6% compared to the end of last year, solidifying its position as the largest asset management group in the country [1] - Despite the overall growth in fund scale, the share of equity funds has declined, indicating net redemptions from investors even in a generally bullish market [1][2] - The performance of equity funds has been inconsistent, with many funds suffering significant losses after the market adjustment and the shift of investment hotspots, particularly those relying on "herd" strategies [1][2] Group 2 - The negative performance over the past few years has damaged the image of equity funds, leading to difficulties in issuance and triggering a redemption wave, despite a recent recovery in net value [2] - Investors are still recognizing the value of fund investment for wealth management, with a notable increase in bond fund shares due to their higher annualized returns compared to bank savings rates [2] - High-risk investors are dissatisfied with the performance of many equity funds, leading to a shift of funds towards ETFs, highlighting the core issue of performance and investor trust [2][3] Group 3 - Some equity funds focusing on sectors like chips and innovative pharmaceuticals have performed well this year, but concerns remain about the sustainability of such performance compared to past "herd" strategies [3] - The ongoing redemption of equity funds, even amidst a rising market, suggests a significant lack of confidence among investors, necessitating deeper reflection on the situation [3][4] - The reform of fund fee structures is being promoted by relevant authorities, which is seen as necessary for enhancing the overall operational capabilities of equity funds [3]

Core Insights - As of July 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 35.08 trillion yuan [1]. Fund Market Data - The total number of funds reached 13,014, with a total share of 310,116.69 million and a net value of 350,755.87 million yuan as of July 31, 2025 [2]. - Closed-end funds consist of 1,333 funds with a share of 34,099.11 million and a net value of 37,434.01 million yuan, showing a slight decrease in net value from the previous month [2]. - Open-end funds account for 11,681 funds with a share of 276,017.58 million and a net value of 313,321.86 million yuan, reflecting an increase in net value compared to June 2025 [2]. - Among open-end funds, stock funds total 3,074 with a net value of 49,225.56 million yuan, while mixed funds have 5,203 with a net value of 38,274.99 million yuan [2]. - Bond funds consist of 2,714 with a net value of 72,394.83 million yuan, and money market funds have 369 with a net value of 146,126.05 million yuan [2]. - QDII funds total 321 with a net value of 7,300.44 million yuan, indicating growth from the previous month [2].

Group 1 - The core viewpoint is that despite declining deposit rates, the investment market is thriving, with the Shanghai Composite Index reaching a 10-year high [1] - The latest scale of public funds has surpassed 34 trillion yuan, indicating a significant growth in the fund industry [1] - In the first half of the year, the scale of open-end funds increased by 1.6 trillion yuan, with nearly 70% of this growth attributed to bond and money market funds [1] Group 2 - Equity funds also saw an increase, growing by 277.2 billion yuan, contributing to the overall positive trend in the investment market [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - US equity funds experienced an inflow of US$16.3 billion during the week of July 9, 2025, while bond funds saw an inflow of US$20.8 billion, indicating a mixed performance in US fund flows [1] - Global funds continued to attract strong inflows, totaling US$5.1 billion, while European funds had an inflow of US$1.4 billion, primarily into regional ETFs [1] - Emerging Market (EM) funds also saw significant inflows, with US$2.9 billion into EM funds, and US$3.0 billion into GEM funds, marking the fourth consecutive week of strong subscriptions [2] Summary by Sections US Fund Flows - US equity funds had an inflow of US$16.3 billion, while bond funds attracted US$20.8 billion during the week of July 9, 2025 [1] - Mixed flows were observed in US funds, with US$9.5 billion inflows into ETFs countered by US$6.1 billion in redemptions from non-ETFs [1] Global and European Fund Flows - Global funds saw inflows of US$5.1 billion, and European funds had an inflow of US$1.4 billion, mainly into regional ETFs [1] - The report highlights the continued strength of global fund inflows compared to US funds [1] Emerging Market Fund Flows - EM funds recorded an inflow of US$2.9 billion, with GEM funds attracting US$3.0 billion in subscriptions, indicating robust interest in emerging markets [2] - EMEA funds also experienced inflows of US$0.3 billion, while flows to Latin American funds slowed down, particularly in Chile, which saw US$156 million in net redemptions [2] Local Intelligence - Taiwan saw a net foreign inflow of US$1.2 billion, Korea had US$0.4 billion, and Japan experienced a significant foreign inflow of US$3.8 billion [3] - Southbound flows from China to Hong Kong remained strong at US$3.2 billion, reflecting ongoing investment interest in the region [3]

Investment Rating - The report indicates a negative trend in global equity fund flows, with net outflows of $10 billion for the week ending June 11, contrasting with inflows of $5 billion in the previous week [3] Core Insights - There were significant net outflows from equity funds, particularly in G10 markets, while fixed income funds experienced robust inflows, particularly in emerging markets [3][9] - Emerging market local currency bond funds saw strong inflows, indicating a preference for these assets amidst the broader market trends [3][9] - The report highlights a shift in investor preference towards short-duration bond funds over long-duration options [3][9] Summary by Sections Global Fund Flows - Total equity experienced net outflows of $18.2 billion over the past four weeks, with a weekly outflow of $10 billion [9] - Fixed income funds saw inflows of $77.1 billion, with $15.1 billion in the latest week, driven by demand for credit products [9] - Money market funds had a decline of $9.1 billion in assets [9] Equity Flows - Developed markets saw significant outflows, particularly from US equities, which had outflows of $24.2 billion [9] - Emerging markets showed mixed results, with mainland China experiencing outflows of $7.2 billion, while Taiwan and Brazil saw inflows of $4.7 billion and $0.8 billion respectively [9] Fixed Income Flows - Total fixed income inflows were $77.1 billion, with $64.2 billion from developed markets [9] - Emerging market fixed income funds had inflows of $10.8 billion, with local currency bonds being particularly favored [9] FX Flows - Cross-border FX flows remained elevated at $56.4 billion, with G10 currencies attracting strong inflows [11] - The report notes that the South Korean won (KRW) saw the strongest net inflows among Asian currencies [11] Sector Flows - Consumer goods funds saw the largest net inflows, while technology funds experienced the greatest net outflows [3][9] - The report indicates a notable preference for sectors such as consumer goods and utilities, contrasting with the outflows from technology and financial sectors [9]

Core Viewpoint - The bond market has been in a sideways trend for over half a month, with the 10-year treasury yield fluctuating around 1.65% since early April, failing to break below 1.6% [1][2]. Group 1: Market Dynamics - The uncertainty from tariff impacts and expectations for "rate cuts" have been the main drivers for the previous rapid rise in the bond market [4]. - The ongoing tug-of-war between bullish and bearish sentiments is likely the reason for the recent stability in the bond market [5]. - Bullish views on the bond market are supported by the demand for safe-haven assets due to U.S.-China trade tensions, strong expectations for monetary easing, and a potential slowdown in the recovery of the economic fundamentals [6]. - Bearish views stem from the possibility of the U.S. lifting tariff sanctions, a potential delay in monetary easing, and a recovery in economic fundamentals that exceeds expectations [7]. - Both bullish and bearish perspectives seem to address the same issues but differ in their outlooks and expectations [8]. Group 2: Uncertainty Factors - The bond market continues to face significant uncertainty due to variables such as tariff negotiations, growth stabilization policies, and the timing of monetary easing measures [9]. - Until the situation becomes clearer, the bond market is expected to remain volatile [10]. Group 3: Long-term Investment Perspective - From a long-term perspective, the bond market may still represent an important component of asset allocation despite short-term fluctuations [11]. - The Wind pure bond fund index has shown positive returns every year from 2007 to 2025, with a cumulative increase of 117.94% and an annualized return of 4.42% from 2007 to 2024, indicating stability compared to the stock market [12][15]. - As the domestic economy transitions from high-speed growth to high-quality development, long-term bond yields may continue to decline, presenting ongoing allocation value in bond assets [16]. - However, it is important to note that after a prolonged upward trend, volatility in the bond market may increase, suggesting a need to lower expectations and adopt a "stability-first" approach in response to potential future fluctuations [16].

Core Insights - The ETF conference in Las Vegas highlights the growing focus on practice management among asset managers and investment advisors, with approximately 35% of the content dedicated to this area [2] ETF Flows and Trends - Year-to-date ETF flows have been volatile, with significant inflows into equities and fixed income, particularly ultrashort funds, while precious metal funds have seen lower inflows despite high gold prices [3][5] - Passive index funds continue to dominate equity inflows, accounting for about half of the total, while there are signs of outflows in large cap growth funds, indicating potential nervousness among tech momentum investors [4] - Fixed income inflows are nearly on par with equity inflows, driven by market volatility and an aging population seeking safer investments [5][6] Private Equity and Credit - There is a strong demand for private equity and private credit within ETF structures, but challenges remain in providing these assets in an ETF wrapper due to liquidity mismatches [10][11] - The recent launch of the SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV) received modest demand, indicating a cautious approach from investors [10] Actively Managed ETFs - Actively managed ETFs represent less than 10% of the total ETF market but have attracted nearly 30% of new cash inflows this year, showcasing their growing popularity [13] - Products focused on option income and buffered strategies are gaining traction, appealing to investors seeking regular income and downside protection [14][15] Leveraged and Inverse ETFs - Leveraged and inverse ETFs have increased from about 2% to 7% of total ETF assets, with a notable shift towards single stock ETFs focused on high volatility tech stocks [16][17] - Year-to-date flows for single stock leveraged/inverse ETFs reached $6.5 billion, indicating strong interest in this segment [18] ETF Share Classes of Mutual Funds - The expiration of Vanguard's patent has led to increased interest from other firms to offer ETF share classes of mutual funds, with around 50 firms awaiting SEC approval [21] - Industry experts anticipate rapid SEC approval, which could enhance tax efficiency and benefit fund shareholders [22]

Core Viewpoint - The article discusses the recent adjustments in China's bond market, analyzing the reasons behind the changes and the potential future outlook for bond investments [3][4]. Group 1: Reasons for Recent Adjustments - Tightening liquidity: The central bank net withdrew 1,077.3 billion yuan in February, continuing into March, leading to a marginal tightening of liquidity [5]. - Failed interest rate cut expectations: Overly optimistic market expectations for interest rate cuts were tempered by strong economic data in January and February, reducing the urgency for rate cuts [6]. - Stock-bond effect: A recovering stock market has led to increased risk appetite among investors, causing some funds to shift from the bond market to the stock market, exacerbating the decline in bond prices [7]. - Technical correction: The rapid decline in bond yields earlier created a need for a technical correction, resulting in the recent downturn in the bond market [8]. Group 2: Basis for Continued Bond Bull Market - Monetary policy easing expectations: Despite short-term liquidity tightening, the medium to long-term outlook remains supportive of easing monetary policy, with potential for further rate cuts [10]. - Weak economic fundamentals: Current internal demand is still recovering, and external uncertainties persist, preventing a significant rise in interest rates [11]. - Improved bond investment value: After recent adjustments, some bond products have become more attractive in terms of cost-performance ratio, especially in a volatile market [12]. Group 3: Divergent Institutional Views - Optimistic perspective: Some analysts believe the recent bond market decline is a temporary adjustment, with the long-term trend remaining bullish due to ongoing weak fundamentals and supportive monetary policy [14]. - Cautious stance: Other analysts suggest that while the bond market's trend may not reverse, the potential for further declines in interest rates is diminishing, and investors should remain cautious [15]. Group 4: Adjusting Bond Investment Return Expectations - The article emphasizes the need to lower return expectations for bond investments, as previous years' capital gains are unlikely to continue, given the current yield levels and market conditions [18].